For the first time, Patek Philippe is combining its manually wound chronograph movement with an instantaneous perpetual calendar in the new 500-component CH 29-535 PS QI caliber. The instantaneous perpetual calendar—previously seen in the Grand Complication Ref. 5207 from 2008, the triple complication Ref. 5208 in 2011, and the quadruple complication Ref. 5308 in 2023—advances all of the calendar displays simultaneously at midnight in 30 milliseconds. The chronograph is based on the caliber CH 29-535 unveiled in 2009. Together in the new caliber, which is regulated by a Gyromax balance with a Breguet overcoil balance spring, the movement, visible through the sapphire crystal caseback, oscillates at a frequency of 28,800 vibrations per hour with a power reserve between 55 and 65 hours, while the chronograph is disconnected.

Limited to just 120 pieces, it is housed in a hand-polished 42 mm platinum Calatrava case and comes with a sunburst navy blue dial with a black-gradient rim, white-gold faceted applied baton-style hour markers, and luminous dauphine-style hands. The central chronograph hand is varnished in red, while the instantaneous 30-minute counter comes white-gold hand.

Despite the presence of the perpetual calendar, often seen in more traditional settings, Patek Philippe gave the new model a sporty treatment adding a navy-blue composite strap with a fabric pattern in contrasting red stitching. And although its sizing would suggest otherwise, the model wears smaller than on the wrist than one might suspect offering serious complications in a wearable fit in line with modern tastes.

Combining Patek Philippe’s instantly recognizable world time function with a minute repeater, these two exquisite references depict a map of Milan in cloisonné grand feu enamel—each limited to just five pieces. The Ref. 5531G-012 shows a view of the city’s downtown neighborhood by day (pictured left), while the Ref. 5531G-013 (pictured right) renders the same view by night. Both white gold 40.2 mm versions use 45 cm of gold wire and various hues of enamel to create the scene. Encircling these rare handcraft executions is the city disk with names displayed, naturally, in Italian with “Milano” standing out in red, while the case band and minute repeater slide are decorated by hand in Clous de Paris and hobnail guilloché. Local time is read on the pierced hour hand in white gold, inspired by the Southern Cross constellation. The Ref. 5531G-012 comes on a hand-stitched calfskin leather in light brown, while the Ref. 5531G-013 comes in dark blue calfskin leather, both with fold-over clasps in white gold. The references come with the R 27 HU self-winding movement comprising 452 parts.

What makes these two new models particularly enticing is the fact that Patek Philippe has not debuted a world time minute repeater since the Ref. 5531R, which debuted in 2017 at the brand’s Grand Exhibition in New York. Plus, they are both delivered with interchangeable back covers—each with the inscription “Patek Philippe Milan 2026″—one in sapphire crystal and the other in white gold with hand engraving. And, secondary prices of the 2017 model are listed for over $1 million.

In keeping with the sportier vibe of many of the releases at this Patek Philippe Grand Exhibition, an Aquanaut was in order. This version, limited to 250, offers the coveted model in 40.8 mm in steel with a sunburst blue dial with a black-gradient rim, applied Arabic numerals in white gold with luminescent coating, and a pop of red on the seconds hand. The midnight blue strap matches the color scheme and comes with a fold-over clasp with four independent safety catches should you want to put its durability to the test…or ensure it doesn’t end up in someone else’s hands.

The Ref. 5167 was first released in 2007 for the 10-year anniversary of the Aquanaut and in 2019, the model was upgraded with the caliber 26-330 S C, also housed in this new version. The refined movement added a hacking seconds and improvements to the winding and central-seconds mechanisms. Almost 20 years since its debut, this model remains an enduring and coveted staple of the Patek Philippe lineup.

Many of the new releases in Milan take cues from the hues of the Italian flag and this perpetual calendar in green is a particularly striking offering. The lacquered dial’s applied Arabic numerals in white offer crisp legibility against the rich background. Limited to 100, it is inspired by the Calatrava Ref. 6007 from 2020 and comes in a desirable 38 mm size in white gold. Barely visible here, in person the carbon motif on the center of the dial adds a sporty touch, in keeping with these releases. But the matching green alligator leather strap keeps the overall feel of the watch as elevated as its complication. The stap is finished with topstitching that also mimic the Italian flag. Inside is the caliber 240 Q ultra-thin self-winding movement with a 22-karat gold micro-rotor, which keeps the interior construction thin at just 3.88 mm thick.

While the Ref. 7047G may be discreet as far as minute repeaters go—the only indication on the wrist is the subtle activation slide at 9 o’clock—the watch is anything but. In bright cherry red, including its alligator-leather strap, one will easily clock this timekeeper on the wrist from across the room. But it keeps a casual aura with Arabic numerals and a center dial in a carbon motif, similar to the green Ref. 7147G. Limited to only 5 pieces, spotting one in the wild, however, will be an incredibly rare occurrence. The 38 mm white-gold hand-polished model is equipped with the caliber R 27 PS, a compact self-winding minute repeater movement measuring just 5.05 mm thick using an off-center 22-karat gold micro-rotor that leaves room for its complicated mechanism, chiming the hours, quarter-hours, and minutes on two gongs with a small seconds indication.

And if you need further validation for why owning a one of five minute repeater from Patek Philippe will be a grail in your collection, Thierry Stern says its his favorite of the new releases.

Like the Perpetual Calendar Ref. 7147G-010, this Calatrava Ref. 7007G-010 also takes inspiration from the 40 mm Ref. 6007, but comes in a smaller 38 mm case in white gold. Limited to 200 watches, the all-white model comes with applied Arabic numerals in white gold with a carbon motif center and is very legible despite the tone-on-tone execution. Like the Aquanaut Ref. 5167A-014, it houses the caliber 26-330 S C with a central rotor in 21-karat gold, a sweep seconds, and a date display at 3 o’clock. Its white alligator-leather strap completes the look.